Remittance

Remittance is a service feature of digibank App by DBS where customers can transfer funds in the desired foreign currency (remittance), for domestic or overseas recipients. This Remittance service consists of two types of services:

1. Free of Charge Remittance Service
   It is a free and same day transfer service for several countries through Indonesian DBS Bank internal system, using currencies owned by the destination country, such as: transferring USD to the United States,

   Destination of Transfer	Currency	Currency cutoff times
   Australia	AUD	09.30 WIB
   Singapore	SGD	12.30 WIB
   United Kingdom	GBP	13:30 WIB
   Eurozone countries (France, Germany, Italy, Spain, etc)	EUR	13:30 WIB
   Hong Kong	HKD	14:30 WIB
   Canada	CAD	16:00 WIB
   United States of America	USD	16:00 WIB

   For more details, please look up the sections on Currencies and Remittance Cutoff Times.

   Note: Some recipient banks may charge fees for receiving foreign currencies in accordance to the provisions of each bank.

2. Regular Remittance Service
   This is a Remittance service using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system. The SWIFT system is an international banking system for transferring and receiving information related to financial transactions by means of reliable safety and environmental standards.
   
   This channel is used for transferring foreign currencies outside the channel of the Free of Charge Remittance Services, such as: sending USD to Australia, JPY to Japan, and so on. Currencies that can be sent are USD, SGD, JPY, THB, HKD, AUD, NZD, EUR, GBP, SEK, CHF, and CAD. For more details, please look up the sections on Currencies and Remittance Cutoff Times.

The service fees charged to customers for transactions of Remittance are varied, based on the services used to carry out those transactions, as follows:

FEES	Free of Charge Services	Regular Services
Transfer Fees
Service Fee	Free of Charge	USD 10 / equivalent
Agent Bank Fees	Free of Charge	Min. USD 25 / equivalent
Fees if Change Occurs
Change Fees	USD 15 / equivalent	USD 15 / equivalent
Refund Fees	Determined by the recipient bank	Determined by the recipient bank

Some recipient banks may charge fees beyond the transfer fees, such as the receiving fee, in accordance with policies of those banks.

 

LIMIT	Min. per transaction	Max. per transaction	Max. per month
Remittance	Rp 100,000 / equivalent	USD 100,000 / equivalent	USD 100,000 / equivalent

Fees may change with prior notification to the Customer, by referring to the applicable provisions.

To avoid a refund by the recipient bank, make sure the filled data is correct.

1. Free of Charge Remittance Service (Processing Cutoff Time at 17:00 WIB)

   Destination of Transfer	Currency	Cutoff Times for Currency Transfers
   Australia	AUD	09.30 WIB
   Singapore	SGD	12.30 WIB
   England	GBP	13:30 WIB
   Eurozone countries (France, Germany, Italy, Spain, etc)	EUR	13:30 WIB
   Hong Kong	HKD	14:30 WIB
   Canada	CAD	16:00 WIB
   United States of America	USD	16:00 WIB

    

   Transaction input time	Transfer process	Receiving Time	Customer Debited Time
   Before the currency cutoff times	On the same day	On the same day	The funds will be directly debited
   After Cutoff Times for Currency Transfers and still within the Processing Cutoff Times	On the same day	Next business day	The funds will be directly debited
   After the Processing Cutoff Times	Next business day	Next business day	The funds will be held in our system and transfer will be conducted on the Next business day.
   On public holidays of the country of owner of currency	Next business day	Next business day	The funds will be held in our system and transfer will be conducted on the Next business day.
   On Indonesian holidays	Next business day	Next business day	The funds will be held in our system and transfer will be conducted on the Next business day.

2. Regular Remittance Service (Processing Cutoff Times at 17:00 WIB)

   Transaction input time	Transfer process	Receiving Process	Customer Debited Time
   Before the Processing Cutoff Times	On the same day	1-3 working days	The funds will be directly debited
   After the Processing Cutoff Times	Next business day	2-4 working days	The funds will be held in our system and transfer will be conducted on the Next business day.
   On public holidays of the country of owner of currency	Next business day	2-4 working days	The funds will be held in our system and transfer will be conducted on the Next business day.
   On Indonesian holidays	Next business day	2-4 working days	The funds will be held in our system and transfer will be conducted on the Next business day.

Is Foreign Currency transfer / remittance to Singapore free of charge?

Yes, transfers to Singapore are free of charge, using digibank Remittances if it is done in SGD (Singapore Dollar).
 

Does the free transfer have to be to DBS Bank in Singapore?

No, the free of charge transfer can also be done to other bank in Singapore, as long as the currency is in SGD (Singapore Dollar).
 

How long will my transfer reach the destination account?

Funds in SGD will arrive on the same day if the transfer is done before 12:30 WIB, and if there are no problems from the side of the recipient / correspondent bank, for example the suitability of the recipient's name, account number, bank code, and so on. For more details, please read the sections on Currencies and Remittance Cutoff Times.

Is Foreign Currency transfer / remittance to the UK free of charge?

Yes, transfers to the UK are free of charge using digibank Remittance if it is done in GBP (Great Britain Pound Sterling)
 

How long will my transfer reach the destination account?

Funds in GBP will arrive on the same day if the transfer is made before 13:30 WIB, and if there are no problems from the side of the recipient / correspondent bank, for example in the suitability of the recipient's name, account number, bank code, and so on. For more details, please read on sections regarding  Currencies and Remittance Cutoff Times.
 

Do I have to fill in an account number or IBAN code?

To transfer to the UK you need to enter the IBAN code.

Is Foreign Currency transfer / remittance to Eurozone free of charge?

Yes, transfers to Eurozone countries are free of charge using digibank Remittances if it is done in EUR (Euro).
 

How long will my transfer reach the destination account?

Funds in EUR will arrive on the same day if the transfer is made before 13:30 WIB, and if there are no problems from the side of the recipient / correspondent bank, for example in the suitability of the recipient's name, account number, bank code, and so on. For more details, please read on sections regarding  Currencies and Remittance Cutoff Times.
 

Do I have to fill in an account number or IBAN code?

To transfer to some European countries, you need to include the IBAN code in the account information column. Further information and a list of countries using the IBAN code can be found at https://www.iban.com/structure

Is Foreign Currency transfer / remittance to Canada free of charge?

Yes, transfers to Canada are free of charge using digibank Remittances if it is done in CAD (Canadian Dollar).
 

How long will my transfer reach the destination account?

Funds in CAD will arrive on the same day if the transfer is made before 16:00 WIB, and if there are no problems from the side of the recipient / correspondent bank, for example in the suitability of the recipient's name, account number, bank code, and so on. For more details, please read on sections regarding  Currencies and Remittance Cutoff Times.

How do I enter the account number to transfer to Canada?

Bank account numbers in Canada are usually only 7 digits, you know! So, if you want the transaction to run smoothly, please double check the destination account numbers, and make sure that the numbers do not include the bank branch code. Next, ensure the transaction details are correct before sending.

How to fill-in/ensure that my recipient address in Canada already correct?

As mandatory regulatory requirement by the Canadian authorities from 1 June 2021, to ensure successful fund transfers to Canada please ensure to provide recipient’s full address including the street address, city/state/province and postal/ZIP code. (E.g. 3169 No. 3 Road, Richmond, British Columbia V6X 2B8

If your recipient’s address is not accurate or incomplete, delete the existing recipient record, then add new recipient with these details:

• Bank Name (find using transit code or you can input it directly)
• Account Number (do not include bank branch code)
• Recipient’s Full Address, including city/province/state and postal code details (e.g. 3169 No. 3 Road, Richmond, British Columbia V6X 2B8)
• Recipient’s Full Name (per recipient bank records)

Incomplete recipient’s address might cause lateness or unsuccessful transactions. Please ensure that the transaction details already correct before submitting it.

Is Foreign Currency transfer / remittance to Hong Kong free of charge?

Yes, transfers to Hong Kong are free of charge using digibank Remittances if it is done in HKD (Hong Kong Dollar).
 

How long will my transfer reach the destination account?

Funds in HKD will arrive on the same day if the transfer is made before 14:30 WIB, and if there are no problems from the side of the recipient / correspondent bank, for example in the suitability of the recipient's name, account number, bank code, and so on.

Monthly Remittance Limit

The Bank sets a limit on Foreign Currency conversion / purchase transactions against Rupiah that can be made through digibank App by DBS in the equivalent of an accumulation of USD100,000 per month per customer, which includes transactions across all channels owned by the Bank to make Foreign Currency purchases (including: branches, digibank App by DBS, etc.). 

Improvements / Corrections to the Transactions

Foreign Currency transactions that have been sent cannot be canceled or changed unless a return occurs by the recipient bank due to incorrect transaction data. On this basis, the Bank will contact the customer to confirm the matter.

In the event that the customer cannot be contacted within a certain period per the Bank's policy or the customer instructs to cancel the transaction, the Bank will return the funds to the customer's account using the exchange rate at the time of the return. Transfer fees that have been charged are non-refundable, and upon instruction of correction the customer will be charged the change fees as stated in the Cost Table.

 

Verification to the Customer

The Bank will contact the customer to verify when necessary for the transaction of Remittance. If the customer cannot be contacted by the Bank or the customer refuses to provide the information needed by the Bank, the Bank will not be able to continue the transaction.

 

The Obligation to Use Rupiah in the Territory of the Republic of Indonesia

With regards to the Bank Indonesian Regulation regarding the Obligations to Use Rupiah in the territory of the Republic of Indonesia (NKRI), all monetary transactions in Indonesia must be conducted in Rupiah. In the event the Customer must make transactions in Foreign Currency, the Customer is required to fill in the transaction purposes for the said Remittances.

The Risks:

• The refund process for transaction cancellation due to errors in giving instructions via digibank App by DBS or over a phone call. Please note that the refund will use currency exchange rates during the refund process. Plus, there is a fee from the agent / recipient bank to process the refund so that the funds at the time of crediting are lower than the funds at the time of the transaction.
• The possibility of additional costs on correspondent fees from the receiving agent/bank so that the sending bank will carry out the debiting process again for additional costs from the receiving agent/bank.

Transfer cancellation when the customer fails to make the verification during the verification process by telephone initiated by the bank for the Remittances. The bank then will make a refund process for the cancelled transaction.

What are included in the free of charge and same-day services?

Free of charge transfers apply for shipping to the following currencies:

• United States (USD)
• Singapore (SGD)
• Australia (AUD)
• Eurozone Countries (EUR)
• Canada (CAD)
• Hong Kong (HKD)
• United Kingdom (GBP)

For the combination of currencies above, funds can be received on the same day (same-day) as long as the funds are sent before the Cutoff Times for Currency Transfers.

Some recipient banks may charge fees for Foreign Currency receipts in accordance with the provisions of each bank.

Can I send funds to countries other than the above 20+ countries?

You can send funds to 80+ other countries via digibank App by DBS outside of the Free of Charge Remittance service. Normal fees and processes (not same-day) will apply for this regular channel.

Why do I have to pay fees again after an international transfer is sent?

For Remittances with channel other than the Free of Charge Remittance service, the listed fees for correspondent bank are the minimum amount. So, if there are differences in fees charged by a correspondent bank, the payment is adjusted according to your previous payment choice.

How does a fund receiver pay the international transfer fee?

Please provide the account number, SWIFT code / clearing code, and address to the person who wants to send funds to your digibank account. However, each bank may require different data. So, please confirm to the sender first, yeah?

Why is international transfer refund reduced from the funds that I sent?

Refund of Remittance may differ from the amount debited at delivery due to Foreign Currency differences used when the return was made.

 

If the transferred amount is more than USD 100,000, can I not make Remittances?

Remittance transactions that have exceeded USD 100,000 eqv can be carried out at DBS bank branches by submitting supporting documents. You can also make transfers according to the limit first, and then make the remaining transfers in the following month via digibank Remittance.

What data must I prepare to make Remittance?

Recipient's name, recipient bank, recipient's account number, the desired amount to be received. Also, please remember that you are not allowed to revise/cancel the transaction later on, once a transfer is made.


What goes into the Eurozone?

Countries included in the Eurozone are countries that use the Euro (EUR) currency for domestic transactions. These countries include France, Germany, the Netherlands, Belgium, Spain, Italy, and several other European countries

What is the difference between sending money with a SWIFT and IBAN code?

The use of the International Bank Account Number (IBAN) or the Society for Worldwide Interbank Financial Telecommunication (SWIFT) depends on the destination country of overseas transfers.

What is a correspondent bank?

Correspondent bank is a bank that has cooperation with other banks to provide mutual services and/or transactions for and on behalf of the concerned banks.

So, the correspondent bank is the one that helps send your funds to your friends or family accounts overseas.

What is IBAN?

IBAN or International Bank Account Number is the numbering standard for bank accounts and is usually used in European countries.

You can get this code directly from the bank to which you are transferring internationally or have the transfer recipient to provide it.

What is SWIFT Code?

The SWIFT code is used to identify banks in the world that are members of the Society for Worldwide Interbank Financial Telecommunication. Another name for this code is the Bank Identifier Code (BIC) and consists of 8 to 11 characters.

You can search for the SWIFT code needed to transfer overseas by clicking "Search SWIFT Code" displayed on the screen when filling in the recipient's transfer details.

What is clearing code?

Clearing code is an international identification number for certain banks outside of SWIFT & IBAN codes.

You can get this code directly from the bank to which you are transferring internationally or have the transfer recipient to provide it.

This information is optional and serves as additional information to the recipient bank. If you do not know it, this field may be left blank.

What is LLD code?

LLD (Foreign Currency Traffic) is the transaction destination code required by the regulation for transactions bigger than USD 10,000.00 (ten thousand United States dollars) or equivalent to that, and for transactions with a value up to USD 10,000.00 (ten thousand dollars United States) or equivalent to that.

What is meant by civil status?

Civil status is the status of the customer according to the country of residence. This status is divided into resident and non-resident. In overseas transfers, the recipient of the funds is determined to be an Indonesian resident if:

1. The recipient is an individuals, a legal entity, or other entities domiciled or planning to domicile in Indonesia for a minimum of one (1) year;
2. The recipient is an Indonesian citizen residing in Indonesia;
3. The recipient is a foreign national who comes, works, and has permission to settle in Indonesia. But does not do state duties.
4. The recipient is an Indonesian citizen living overseas.

What is meant by the Free of Charge Remittances?

Digibank Free of Charge Remittance is an overseas transfer service for several foreign currencies, using internal system of Indonesian DBS Bank to the country that owns the currency. For example, sending Australian dollars to Australia, Singapore dollars to Singapore, and others.

Transfer with digibank's Free of Charge Remittances can be done up to a maximum of 24 hours on weekdays.

Some recipient banks may charge fees for Foreign Currency receipts in accordance with the provisions of each bank.

You will see the Remit logo next to the names of recipient countries that can use this service.

What is the monthly Remittance limit?

The monthly Remittance limit on the digibank App by DBS is at a maximum of USD 100,000 (BI middle rate). If the transaction exceeds the monthly Remittance limit, the transaction cannot be continued.
 

What is the daily Remittance limit?

The daily Remittance limit in digibank App by DBS is the maximum Remittance limit perday. If your transaction is more than the default limit (USD 25,000), you can make the canges on your profile page located in the main menu of the application and select the daily Remittance limit to charge.

Can I transfer funds overseas?

Please use your digibank App by DBS to transfer funds overseas. Click "Remittance" and just follow the steps listed on the screen.

Why can't I use account of foreign currency for international transfers?

At this time, you can only make Remittances with a primary account in Rupiah.

How do I check the status of international transfers?

You can check the status of Remittances in the following ways:

1. Enter the red main menu located in the upper left corner of your digibank App by DBS;
2. Select the "Transaction" option and click "Remittance"
3. Press "Transaction History" that appears on the screen

In addition, you can also check the delivery status via a notification sent to your registered email.

 

What if international transfer fails?

If the status of an overseas transfer fails, the Bank will return the funds that have been processed to your account at the prevailing exchange rate when the return is made. Overseas transfers may fail for various reasons, including:

1. Incomplete or faulty details of recipient data
2. No additional information is needed from the sender.

What if the SWIFT code is not found?

If you experience this, make sure the bank and bank code selected in digibank App by DBS are in accordance with the bank you are aiming for. Don't forget to check with the recipient to get the required shipping details.
 

Can Foreign Currency rates change during shipment?

The exchange rate for Remittances uses the exchange rate listed in your digibank App by DBS when the shipment is processed. So, the exchange rate can indeed vary but will not change when the funds are sent.

Can I cancel Foreign Currency transactions?

Hmm, at this time, transactions that have been authenticated through the two channels cannot be cancelled, including for overseas transactions.

Why am I being called by the Bank after conducting Foreign Currency transaction?

If we need additional information regarding the transfer transaction, you will be contacted within a maximum of 3 working days to the mobile number listed on the digibank App by DBS.

Why is my Free of Charge Remittances transaction processed on the Next business day?

If you make a Remittance transaction after the Processing Cutoff Times , we will process your transaction on the next business day.

Why is my Remittance transaction being charged?

You can indeed enjoy free transfer transactions in USD, SGD, AUD, EUR, HKD, CAD, GBP to more than 20 destination (United States, Singapore, Australia, Hong Kong, United Kingdom, Canada, and Eurozone countries), but some recipient banks may charge fees for receiving foreign currencies in accordance with the provisions of each bank. If you make a Remittance outside of it or to a country outside of the above list, that means you are using a regular transfer channel. Don't worry, we will continue to improve our services.

Is the exchange rate used on digibank more competitive than transactions from branches?

The currency value (exchange rate) between digibank by DBS is more competitive than the one stated at the branch of DBS Bank Indonesia.

Is the transfer fee for the currency of digibank's Free of Charge Remittances more competitive than transactions at the branches?

If you use the Free of Charge Remittance service, you are free from admin and correspondent fees, but some recipient banks may charge fees for receiving foreign currencies in accordance with the provisions of each bank. If you make a transaction to a branch, you will be charged with admin and correspondent fees.

Can I transfer to my foreign currency account at a local bank?

Remittances via digibank by DBS can be to other banks in the country and overseas.

How long do I have to wait for my money back for failed/rejected forex transactions?

The refund process takes approximately 3 working days or based on the policy of your destination bank.

 

What is the Remittance limit for 1-time transfer?

The limit per transaction on digibank Remittance is USD 100,000 or its equivalent. Digibank by DBS also imposes a monthly Remittance limit of a max USD 100,000 or its equivalent.